A quiet red ball flying overhead at moderate speed over North East Georgia

I first saw this flying object for the first time when my wife told me to look up as it was just overhead. My first thought was it was a hot air balloon. I thought I saw fire under it but it was too dark for a hot air balloon.

It was moving quickly as I got my cell phone out to take a picture of it. I got one picture before it went into the trees. It was larger than a star and was moving southwest. It looked like it was on fire and streaking.

I watched it for a total of 2 minutes. This sighting took place October 6, 2011 at 8:55 EST.